The present invention is related to the valuation of properties, particularly to the valuation of knowledge-based properties.
The traditional sales of goods and services permit a relatively simple assessment of the values of the goods and services transferred between the buyers and sellers. According to traditional economic theory, a seller should price his or her goods (or services) at an equilibrium price, such that the quantity of goods the seller is willing to supply at that price equals the quantity buyers are willing to purchase at the same price. Even if fixed costs and overhead must be covered by the price, values can easily be calculated for each transfer or group of transfers using conventional accounting methods. These calculated values can then be used as bases for future decisions concerning the goods and services. For example, predictions of future value and related budgeting and marketing decisions can be based on calculations utilizing the value of the transferred goods and services.
Problems arise, however, when one tries to value knowledge-based properties (or intellectual property), such as documents, databases, spreadsheets, research and development related information, or studies, that are not sold or licensed on the open market. These knowledge-based properties are frequently shared within a corporation, university, professional association, religious institution, or the like. When no license or transfer of title to the knowledge-based property or a copy thereof occurs, and no money changes hands, the laws of supply and demand cannot be relied on to determine the value of the knowledge-based property.
Because valuation of these knowledge-based properties is difficult, decisions associated with these knowledge-based properties also become very difficult. For instance, it is often difficult to apportion a research and development (RandD) budget to reflect the value of documents or data produced by the RandD projects. Likewise, it is often difficult to apportion availability of limited computer resources for storing shared documents and data.
Therefore, there is currently a need for a method for assigning values to knowledge-based properties in order to support the decision-making process.
The present invention is a method of valuing knowledge-based property including the steps of analyzing data representing accesses by users to a medium containing a copy of the knowledge-based property, estimating a pattern of accesses by users to the medium containing the copy of the knowledge-based property by using a statistical model, and assigning a value to the knowledge-based property based on the pattern.